Cash - Who Hands It Out? Who Grabs it with both hands?

1. THE H1 2016 CORPORATE
VENTURE CAPITAL REPORT
A comprehensive data-driven look at the first half of 2016’s
corporate venture capital activity globally.

2. 2
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4. TABLE OF CONTENTS
# SECTION
5 Summary
6 Global Data
19 Country Recaps
24 USA
48 Sector Recaps
All monetary references contained in this report are in USD
4

5. SUMMARY OF FINDINGS
H1’16: CORPORATE VCs
PARTICIPATE IN $12.7B ACROSS 633
DEALS: Deals involving corporate VCs fell 6%
when compared to the same period in 2015, while
dollar funding from those deals increased 3%. In 2016,
CVCs participated in a range of $100M+ deals
including those to Lu.com, Magic Leap, Oscar Health
Insurance, Slack Technologies, and many others.
CORPORATE VENTURE ACTIVITY RISING IN
THE UK AND INDIA: Deals with CVC participation to UK
and Indian startups reached all-time highs in Q2’16. California-
based Qualcomm Ventures was the most active CVC investor in
both countries.
2016 ON TRACK TO SEE RECORD NUMBER
OF NEW CVCs: Globally, 53 new CVC units made their first
investment in 2016, continuing a steadily upward trend in the number
of new CVCs since 2011. Furthermore, 76 CVCs made investments
in seed stage companies in H1’16. This puts 2016 on track for a
record in new CVCs, as well as CVC investment at the seed stage.
CVC AVERAGE DEAL SIZES ARE LARGER THAN
VCs’ AVERAGE DEAL SIZE: Globally, the average CVC
deal size has consistently been larger than the average VC deal size
over the last 14 quarters. The same is true for US-based deals, with
CVC deal sizes above $20M+ the last 5 quarters.
GOOGLE VENTURES SURPASSES INTEL
CAPITAL AS THE MOST ACTIVE GLOBAL
CVC IN FIRST HALF OF 2016 GV (Google
Ventures) leads all CVCs in the first half of 2016. In terms of
geographic focus, 91% of GV’s investments took place in the
United States while roughly 9% took place in Europe.
GLOBAL CVCs’ DEAL SHARE BY STAGE
DOMINATED BY EARLIER STAGES: In Q2’16, seed
stage companies accounted for 20% and Series A stage
companies accounted for 26% of global deal share from CVCs.
Additionally, Series B deals took a significant portion of the pie
accounting for 24% of CVC participation.
CVCs INVOLVED IN $8.6B ACROSS 376 US
DEALS IN H1’16: Corporate venture capital deal activity
into US-based startups fell by 14% when compared to H1’15.
Furthermore, on a quarterly basis, dollar funding from these
deals fell 35% in Q2’16.
NOTE: REPORT ONLY INCLUDES INVESTMENT
BY CVC ARMS. With the exception of pg. 18, this report only
covers the funding activity of specific, separately demarcated
corporate venture arms. Corporates making strategic investments
directly are not included.
5

6. 6
Global Corporate Venture
Capital: FINANCING TRENDS

7. CVC DEAL ACTIVITY FALLS TO
9-QUARTER LOW
7
H1’16 corporate VC participation hit $12.7B across 633 deals. CVC-backed deal activity
fell 11% in Q2’16 on a quarterly basis, while overall funding from deals with CVC
participation fell 41% from Q1’16.
Quarterly Global CVC Financing Trend
Q1’12 – Q2’16
$1.7 $2.1 $2.3 $2.2 $1.7
$2.7 $2.6 $2.7
$3.8
$5.1
$3.5
$4.5 $4.9
$7.4
$11.3
$5.5
$8.0
$4.7
160
190 191
219 212
227
253
268
283
303
340 334 325
350
377
313
335
298
Investment ($B) Deals

8. CORPORATE VENTURE IN EUROPE
ON THE RISE
8
In Q2’16, European startups took 19% of all deals with CVC participation, a 5-quarter high.
North America still accounted for more than 60% of deals involving CVCs.
Quarterly Global CVC Deal Share By Continent
Q2’15 – Q2’16
68% 63% 59% 63% 62%
17%
20%
23%
21% 17%
14% 16% 17% 15% 19%
1% 1% 1% 1% 1%
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
North America Asia Europe Other

9. EARLY-STAGE CVC DEAL SHARE REMAINS
STEADY IN H1’16
9
Early-stage (seed/angel and Series A) deals accounted for 46% of all deals with CVC
participation in Q2’16. Across the 5 quarters, at least one-fifth of deals involving CVCs
were at the Series B stage, with the exception of a drop in Q1’16.
Quarterly Global CVC Deal Share By Series
Q2’15 – Q2’16
21% 24% 21%
14%
20%
26%
27% 28%
33%
26%
22%
20% 25%
18%
24%
14% 11%
9%
17%
14%
7% 5% 4% 5%
4%
6%
7% 5% 4% 4%
5% 7% 6% 9% 7%
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
Seed / Angel Series A Series B Series C Series D Series E+ Other

10. INTERNET AND MOBILE CONTINUE TO
DOMINATE CVC DEAL SHARE
10
In Q2’16, the internet and mobile sectors accounted for 63% of all deals with CVC
participation. Deal share to healthcare startups topped the share of software and computer
hardware in each of the past 5 quarters.
Quarterly Global CVC Deal Share By Sector
Q2’15 – Q2’16
50%
41%
48% 45% 48%
19%
16%
16%
15% 15%
11%
17%
12% 16% 13%
7%
7% 5% 6% 7%
2%
3% 3% 4% 1%
11% 15% 16% 14% 17%
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
Internet Mobile & Telecommunications Healthcare Software (non-internet/mobile) Computer Hardware & Services Other

11. CVCs PARTICIPATE IN A FIFTH OF ALL VC
DEALS IN H1’16
11
Corporate venture firms participated in 20% of the 3113 venture-backed financing rounds in
the first half of 2016.
Quarterly Global Corporate VC vs. Overall VC Financing Activity
Q1’13 – Q2’16
$1.7 $2.7 $2.6 $2.7 $3.8
$5.1
$3.5
$4.5 $4.9
$7.4
$11.3
$5.5
$8.0
$4.7
$8.8
$10.0
$10.8
$12.0
$13.8
$19.7
$16.9
$20.6
$19.4
$28.1
$29.9
$23.0
$21.9
$17.2
212 227 253 268 283 303 340 334 325 350 377
313 335 298
1364
1414
1543 1541 1566
1715 1731 1723 1754
1841 1848
1675
1577 1536
Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
CVC Funding ($B) VC Funding ($B) CVC Deals VC Deals

12. CVC DEAL SHARE AT 19%+ FOR 8-STRAIGHT
QUARTERS THROUGH Q2’16
12
On a quarterly basis, CVC deal share topped out at 19% in Q2’16, which is down from the all-
time high in Q1’16 of 21% of deal share, but still consistent with previous quarters.
Quarterly Global Corporate VC Share Of All VC Deals
Q1’13 – Q2’16
84% 84% 84% 83% 82% 82% 80% 81% 81% 81% 80% 81% 79% 81%
16% 16% 16% 17% 18% 18% 20% 19% 19% 19% 20% 19% 21% 19%
Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
Other VCs CVC Deal Share

13. ACTIVE CVCs MORE THAN DOUBLE FROM
Q1’12 TO Q2’16
13
Since Q4’14, there have been at least 160+ corporate VCs completing deals with Q3’15 hitting
an all-time high of 191 corporate VCs making an investment.
Quarterly Global Active Corporate VC Investors
Q1’12 – Q2’16
85
98 95
112 104 111
124 125
147 140
157 164 171 166
191
177 188 176
Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
Unique CVC Investor

14. 2016 ON TRACK FOR FRESH RECORD IN
NEW CVC ARMS
14
53 new corporate VC units globally made their first investment in the first half of 2016,
including firms like General Mills Ventures and NBC Sports Ventures. The number of new
CVCs making first-time investments will surpass 100 at the current run rate.
Number Of New Corporate Venture Capital Groups
2011 – H1’16
37
47
67
77
85
53
2011 2012 2013 2014 2015 H1'16

15. CVC ACTIVITY AT THE SEED STAGE ON
TRACK TO SURPASS 2015 HIGHS
15
In H1’16, 76 unique CVC arms completed at least one seed VC round worldwide, already
surpassing 2012 full-year totals and on track for a new annual high.
Global Active Corporate VC Investors at the Seed Stage
2012 – H1’16
53
96
122
131
76
2012 2013 2014 2015 H1'16

16. CVC DEAL SIZES CONSISTENTLY LARGER
THAN VC
16
Average deal size with CVC participation has fallen to a 5-quarter low at $19M in
Q2’16. Despite this, CVC deal size has consistently been larger than VC deal sizes over
the last 14 quarters.
Global Corporate VC vs. Overall VC Average Deal Size
Q1’13 – Q2’16
$10
$16
$13 $13
$18 $19
$13
$18 $17
$25
$37
$22
$27
$19
$8 $9 $9 $9 $11
$14 $12
$15 $14
$18 $20
$17 $16
$13
Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
Corporate VC ($M) Overall VC ($M)

17. THE MOST ACTIVE CORPORATE VENTURE
CAPITAL GROUPS GLOBALLY
17
GV (Google Ventures) led all CVCs in global activity, investing in more than 30 companies,
roughly 17% more than second-place Intel Capital through the first half of 2016.
RANK CVC INVESTOR RECENT* NEW INVESTMENTS IN FIRST HALF 2016
1
2
3
4
5

18. CORPORATIONS (APART FROM CVCs) ARE
INCREASING THEIR DEAL AND FUNDING ACTIVITY
18
Beyond dedicated venture arms, corporations themselves are also deploying dollars into
VC-backed startups. In H1’16, corporates participated in $11.5B in financings across 394
deals. Corporations’ activity has ticked up in the last two quarters, in which they have been
involved in 195+ deals.
Global Corporate VC vs. Corporation Financing Activity
Q1’12 – Q2’16
$1.7 $2.1 $2.3 $2.2 $1.7 $2.7 $2.6 $2.7 $3.8
$5.1
$3.5 $4.5 $4.9
$7.4
$11.3
$5.5
$8.0
$4.7$0.9 $1.4 $1.3
$0.7 $1.2
$1.6 $1.8 $1.6
$2.8
$2.8
$3.9
$5.5
$6.5
$5.9
$10.4
$5.5
$5.3
$6.2
160
190 191
219 212 227
253 268 283
303
340 334 325
350 377
313
335
298
241
277 277
298 308
338
366 364
396
415
492 498 490
540 556
488
530
497
Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
CVC Funding ($B) Corp Funding ($B) CVC Deals CVC+Corp Deals

19. Where is all this data from?
The CB Insights platform has the details on all the 2016
corporate venture deals included in this report.
Some of our happy customers
Click here to sign up
for free

20. 20
Country Recaps:
UK, INDIA, & CHINA

21. UK CVC DEAL ACTIVITY REACHES RECORD
LEVELS IN Q2’16
21
In Q2’16, UK deal activity hit a record high of 21 deals, despite funding participation falling
33% on a quarterly basis.
UK Quarterly Corporate VC Financing History
Q1’12 – Q2’16
$58 $43
$127
$61 $78
$37
$76 $104
$65
$147
$225
$177
$107
$657
$432
$553
$313
$209
7
4
10
8
15
8
6
5 5
12 12
14
7
15
8
14
13
21
Investments ($M) Deals

22. CVC DEAL ACTIVITY IN CHINA HITS
8-QUARTER LOW
22
Corporate VC firms participated in roughly $2B across 29 deals in China in the first half of
2016. In Q2’16, CVCs were involved in 12 deals to China-based startups, the lowest quarterly
total since Q2’14.
China Quarterly Corporate VC Financing History
Q1’12 – Q2’16
$10 $98 $38 $30
$14
$95 $75 $106 $139 $161
$386 $245 $324
$1.4B
$4.2B
$628
$1.7B
$282
8 8
2
10
2
8
7
9
11
7
24
19
13
17
27
14
17
12
Investment ($M) Deals

23. INDIA CVC DEAL ACTIVITY HITS ALL-TIME
HIGH IN Q2’16
23
Corporate VC firms participated in $205M across 20 deals in the first half of 2016. Both deal
and funding participation rose on a quarterly basis in Q2’16 with CVCs involved in $171M
across 13 deals.
India Quarterly Corporate VC Financing History
Q1’12 – Q2’16
$56
$35 $9
$20 $65 $9 $13
$287
$89
$111 $96
$36
$66
$298
$34 $34
$171
3
5
3 3
5
2
6
7
8
9
5
3
7
11
5
7
13
Investment ($M) Deals

24. MOST ACTIVE CVCs IN UK, CHINA, & INDIA
24
Qualcomm Ventures was the most active investor in India and the UK. Legend Capital was the
most active CVC investor in China while Intel Capital rounded out the second spot for both
China and India.
RANK CVC INVESTOR
1
2
2
4
5
Most Active CVCs in the UK
2012-H1’16
RANK CVC INVESTOR
1
2
3
4
5
Most Active CVCs in China
2012-H1’16
Most Active CVCs in India
2012-H1’16
RANK CVC INVESTOR
1
2
3
4
5

25. 25
US CORPORATE VC
TRENDS H1’16

26. US CORPORATE DEAL ACTIVITY FELL
TO 10-QUARTER LOW
26
Corporate VCs participated in $8.6B across 376 deals to US-based companies in the first half
of 2016, a 14% drop in deals when compared to the same period in 2015.
US Quarterly Corporate VC Financing History
Q1’12 – Q2’16
$1.4 $1.6
$2.0
$1.6 $1.5
$1.9 $2.1 $2.0
$3.0
$4.3
$2.2
$3.5 $3.7
$4.9
$5.6
$3.6
$5.2
$3.4
105
128 128 132
140 145
172
158
176
211
202 203
212
225
233
180
202
174
Investment ($B) Deals

27. CALIFORNIA DEAL SHARE HITS
5-QUARTER HIGH
27
Across the 5 quarters, California accounts for at least 48% of all US deals with CVC
participation. New York is taking an increasing percentage of deals, with its proportion
reaching as high as 20% in Q1’16.
US CVC Deal Share By State
Q2’15 – Q2’16
52% 55% 53%
48%
58%
12%
13% 12% 20%
16%
11%
8% 12% 8%
5%4% 3% 1% 5%
4%3% 3% 2% 3%
2%
19% 19% 20% 17% 16%
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
California New York Massachusetts Texas Washington Other

28. MID-STAGE DEALS TAKE PLURALITY OF
SHARE IN THE US IN Q2’16
28
Investment flowed into the mid-stage with Series B and Series C stage deals attracting
46% of CVC investment in Q2’16. More than 1/5 of deals went to Series A stage
companies in Q2’16.
US CVC Deal Share By Series
Q2’15 – Q2’16
18% 21% 16%
10%
16%
23%
26%
29%
30% 21%
23%
22% 27%
18%
32%
17%
14% 11%
21%
14%
9% 5% 7%
7% 7%
7% 9% 8%
5% 4%
3% 3% 2% 7% 6%
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
Seed / Angel Series A Series B Series C Series D Series E+ Other

29. INTERNET CONTINUES TO DOMINATE IN
US IN H1’16
29
Among US deals, the internet sector took the highest concentration of deals from
corporate VCs. Healthcare and mobile took 15% and 14% of deals, respectively, in Q2’16.
US CVC Deal Share By Sector
Q2’15 – Q2’16
47%
42%
48%
42% 47%
13% 20%
14%
18%
15%
16% 17% 14%
14% 14%
8% 6%
4% 7% 7%
2% 3%
3% 1%
5%
13% 12% 16% 17%
12%
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
Internet Healthcare Mobile & Telecommunications Software (non-internet/mobile) Electronics Other

30. CVCs PARTICIPATE IN OVER A FIFTH OF US
VC DEALS IN H1’16
30
In the first half of 2016, corporate VCs participated in 22% of the 1600+ US VC deals.
US Corporate VC vs. Overall VC Financing History
Q1’13 – Q2’16
$1.5 $1.9 $2.1 $2.0
$3.0
$4.3
$2.2
$3.5 $3.7
$4.9 $5.6
$3.6
$5.2
$3.4
$6.7
$7.5 $7.7
$8.8
$9.8
$14.2
$11.0
$13.7
$12.7
$17.9
$15.5
$12.4 $12.4
$11.5
140 145 172 158 176
211 202 203 212 225 233
180 202 174
866 889
975
941 958
1106 1088
1032
988
1104
1040
928
866
816
Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
CVC Funding ($B) VC Funding ($B) CVC Deals VC Deals

31. CVC US DEAL SHARE AT 19% OR HIGHER
FOR 9- STRAIGHT QUARTERS
31
CVC quarterly deal share in the US topped out at 23% during the peak of Q1’16 and leveled
out to 21% in Q2’16.
US CVC Deal Share Of All VC Deals
Q1’13 – Q2’16
84% 84% 82% 83% 82% 81% 81% 80% 79% 80% 78% 81% 77% 79%
16% 16% 18% 17% 18% 19% 19% 20% 21% 20% 22% 19% 23% 21%
Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
Other VC CVC Deal Share

32. NUMBER OF ACTIVE CVCs IN US FALL
STEEPLY AFTER PEAK IN Q1’16
32
The number of active corporate VCs hit a 8-quarter low in Q2’16, with just 107 unique CVCs
completing a US-based deal.
US Quarterly Active CVC Investors
Q1’12 – Q2’16
61 67 67
75 73
82 85 86
104 100
111 108
115
126 132
118
131
107
Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
Unique CVC Investors

33. CVC DEAL SIZES LARGER THAN OVERALL
VC DEALS IN US
33
The average size of deals with CVC participation was larger than overall US VC deals,
mirroring the global pattern. The last 5 quarters saw US CVC deal sizes above $20M+ while
each quarter in 2013 was below $20M in average deal size.
US CVC vs. Overall VC Average Deal Size
Q1’13 – Q2’16
$12
$16 $14 $14
$21
$22
$13
$21
$19
$24
$28
$22
$28
$22
$9 $9 $9
$10 $11
$14
$11
$15 $14
$18 $17
$15 $16 $15
Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
Corporate VC ($M) Overall VC ($M)

34. THE MOST ACTIVE CVCs IN THE US
34
Google Ventures was the most CVC investor in the US through the first half of 2016. They are
invested across a range of industries like healthcare and frontier tech; their portfolio includes
Orbital Insight, Magic Leap, and ARMO Biosciences, among many others.
RANK CVC INVESTOR RANK CVC INVESTOR
1 5
2 5
3 8
4 9
5 9

35. Where is all this data from?
The CB Insights platform has the details on all the 2016
corporate venture deals included in this report.
Some of our happy customers
Click here to sign up
for free

36. 36
US Corporate VC State
Recaps: CALIFORNIA

37. CALIFORNIA: $4.5B ACROSS 197 DEALS
DEALS IN H1’16
37
In Q2’16, total funding involving CVCs in California rose to $2.4B across 101 deals, a 17%
increase in funding and 5% increase in deals on a quarterly basis.
California Quarterly CVC Financing History
Q1’12 – Q2’16
$0.7
$1.0 $1.0
$0.8 $0.9 $0.9
$1.3
$1.0
$2.0
$2.9
$1.6 $1.7 $1.8
$3.1
$3.6
$2.1 $2.1
$2.4
49
69
60
65
75
67
90
74
99
110 113
106
95
116
127
95 96
101
Investment ($B) Deals

38. CORPORATE VENTURE ARMS ACTIVE IN
CALIFORNIA MID-STAGE MARKET
38
Series B deals only made up 17% of all California CVC participation in Q1’16, but grew to 34%
in Q2’16. In contrast, Series A deals went from a 30% peak in Q1’16 to a 5-quarter low of 18%
in Q2’16.
California CVC Deal Share By Series
Q2’15 – Q2’16
19% 20%
15% 11% 12%
20%
24%
26% 30%
18%
24%
20% 24%
17%
34%
19% 17% 14%
22% 16%
6% 5% 7% 9% 10%
9% 11% 11% 4% 3%
3% 3% 3% 6% 8%
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
Seed / Angel Series A Series B Series C Series D Series E+ Other

39. CALIFORNIA CVC DEAL ACTIVITY CONCENTRATED
ON INTERNET; MOBILE & SOFTWARE INCREASING
39
In the first half of 2016, the internet sector received 44% of all California deals with CVC
participation. Healthcare peaked in Q1’16 at 21% but dropped to 10% in Q2’16, while both
mobile and software increased over the same quarters.
California CVC Deal Share By Sector
Q2’15 – Q2’16
47% 49% 49%
42% 46%
17%
19% 14%
14%
17%
10%
11%
12%
21% 10%
7%
6%
4% 6%
8%
3%
5%
4%
5%
2%
16%
10%
17% 13%
18%
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
Internet Mobile & Telecommunications Healthcare Software (non-internet/mobile) Computer Hardware & Services Other

40. 40
US Corporate VC State
Recaps: NEW YORK

41. NEW YORK: $1.7B ACROSS 68 DEALS
IN H1’16
41
In Q2’16, funding to New York-based companies involving CVCs fell by 66% while deal count
fell by 30% on a quarterly basis. In Q2’16, CVCs participated in deals like the Via
Transportation $70M Series C and the US HealthVest $50M Series B, among others.
New York Quarterly CVC Financing History
Q1’12 – Q2’16
$52
$79
$141 $155 $185
$266
$114
$301
$206
$336
$202 $229 $294
$465
$768
$176
$1.3B
$438
7
11
7
14
17
12
19
24
15
19
25
31
17
27
30
22
40
28
Investment ($M) Deals

42. EARLY-STAGE DEALS INVOLVING CVCs SEE
A REBOUND IN NEW YORK
42
In Q1’16, Series B deals accounted for 28% of NY-based deals with CVC participation, and
this share increased to 32% in Q2’16. Early-stage (seed/angel and Series A) CVC deals fell to
a 4-quarter low of 36% in Q1’16, but recovered to 47% in Q2’16.
New York CVC Deal Share By Series
Q2’15 – Q2’16
19%
33% 36%
8%
29%
37%
20%
27%
28%
18%
19% 27% 9%
28%
32%
7%
13%
9%
23%
7%
15%
3%
9%
10%
4%
3%
5%
5%
7%
4% 5% 4%
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
Seed / Angel Series A Series B Series C Series D Series E+ Other

43. MOBILE & SOFTWARE EACH TAKE 1/5 OF
NEW YORK CVC DEALS
43
The internet sector accounted for 57% of deals involving CVCs in Q2’16. Mobile as well as
software deals have been in decline since Q4’15 but each still took 20%+ of deals in Q2’16.
New York CVC Deal Share By Sector
Q2’15 – Q2’16
78%
47%
59%
40%
57%
11%
30%
32%
28%
21%
3%
13%
11%
11%
30%
32%
28%
21%
5%
7%10% 13%
4%
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
Internet Mobile & Telecommunications Healthcare Software (non-internet/mobile) Business Products & Services Other

44. 44
US Corporate VC
State Recaps:
MASSACHUSETTS

45. MASSACHUSETTS: $512M ACROSS
24 DEALS IN H1’16
45
In H1’16, deal activity from CVCs fell by 52% when compared to the same period in 2015. In
Q2’16, deal count from CVCs investing in Massachusetts-based companies fell to a
staggering 17-quarter low.
Massachusetts Quarterly CVC Financing History
Q1’12 – Q2’16
$177
$133
$231 $210
$132
$229
$274 $272
$153
$297
$87
$457
$533
$470
$596
$360 $390
$122
6
17
16 16 16
19
20
18 18
24
11
23
26
24
19
22
16
8
Investment ($M) Deals

46. MASSACHUSETTS CVC ACTION LEANING
TOWARDS SERIES A AND SERIES B DEALS
46
Over the last 5 quarters, Series A and Series B deals have accounted for at least 43% of CVC
deals in Massachusetts. Seed/angel stage activity is taking an increasing share of CVC deals
growing from 4% in Q3’15 to 11% in Q2’16.
Massachusetts CVC Deal Share By Series
Q2’15 – Q2’16
8% 4% 7% 12% 11%
15%
29%
31%
35%
32%
28%
33%
31%
27%
21%
25%
8%
10%
12%
11%
5%
21%
3%
4%
11%
13%
4%
10% 5%
8% 7% 12% 11%
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
Seed / Angel Series A Series B Series C Series D Series E+ Other

47. HEALTHCARE TAKES 1/3 OF MASSACHUSETTS
CVC INVESTMENTS IN H1’16
47
In Massachusetts, healthcare has consistently taken the largest portion of CVC deals peaking
in Q3’15 at 63%. In Q2’16, CVCs were involved in healthcare deals like Morphic Therapeutic
(Series A, $51.5M), Imara (Series A, $31M), and Daktari Diagnostics (Series D II, $7M).
Massachusetts CVC Deal Share By Sector
Q2’15 – Q2’16
15%
11%
23%
38%
25%
12%
5%
9%
13%
42% 63%
36%
31%
38%
4%
11%
5% 13%
8%
5%
5%
19%
5%
23% 19%
25%
Q1'15 Q3'15 Q4'15 Q1'16 Q2'16
Internet Mobile & Telecommunications Healthcare Software (non-internet/mobile) Computer Hardware & Services Other

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49. 49
Global Corporate VC
Sector Recap: INTERNET

50. INTERNET DEAL ACTIVITY REACHES
5-QUARTER LOW
50
Corporate VC involvement in the internet sector dropped to involvement in $5.7B of
funding across 294 deals in the first half of 2016. Notable internet deals with CVC participation
include the $200M Series F of Slack, the $70M Series E of SoundCloud and the $50M Series
C of Paymax.
Global Quarterly CVC Financing History: Internet
Q1’14 – Q2’16
$2.0
$1.6 $1.6 $1.6
$1.9
$3.9 $4.1
$2.5
$3.9
$1.8
113
128
167
136
126
176 156
151
152
142
Investment ($M) Deals

51. EUROPE GAINS GREATER SHARE OF CVC
INTERNET DEALS IN Q2’16
51
Corporate VC deals in the internet sector have remained relatively consistent across the top 3
continents with North America capturing the majority of all investments. Europe accounted for
20% of deals in Q2’16 after taking 16% or less in the previous four quarters.
Global CVC Deal Share By Continent: Internet
Q2’15 – Q2’16
63% 64% 60% 59% 61%
23% 21% 25% 23% 18%
14% 14% 13% 16% 20%
1% 1% 1% 2% 1%
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
North America Asia Europe Other

52. CVC EARLY-STAGE INTERNET DEALS
HIT 5-QUARTER LOW
52
For deals in the internet sector involving CVCs, early-stage deals (seed/angel and Series A)
fell to 46% of the total in Q2’16, a 5-quarter low. Meanwhile, internet deals involving CVCs at
the Series B stage hit a 5-quarter high at 27% in Q2’16.
Global CVC Deal Share By Series: Internet
Q2’15 – Q2’16
22%
28% 26%
17% 21%
30%
28% 27%
31% 25%
20%
19% 25%
18% 27%
13% 12% 9%
17%
12%
7% 5% 5% 5% 3%
4% 6% 5%
4% 5%
4% 3% 4% 8% 7%
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
Seed / Angel Series A Series B Series C Series D Series E+ Other

53. Where is all this data from?
The CB Insights platform has the details on all the 2016
corporate venture deals included in this report.
Some of our happy customers
Click here to sign up
for free

54. 54
Global Corporate VC
Sector Recap: MOBILE

55. MOBILE SECTOR DEAL ACTIVITY
TRENDING DOWNWARDS
55
Deal count in the mobile sector fell to a 14-quarter low with CVCs investing in 45 deals in
Q2’16. Funding to mobile from deals with CVC participation dropped in the first half of 2016,
after the Q3’15 spike which was driven by CVC involvement in $1B+ rounds to Didi Kuaidi
and Ucar Group.
Global Quarterly CVC Financing History: Mobile & Telecom
Q1’13 – Q2’16
$310 $334
$589 $387
$697
$1.7B
$386 $636 $685
$1.2B
$4B
$922
$680 $699
48 46
57
63 61
57
72 71
68 66
62
49 49
45
Investment ($M) Deals

56. ASIA CATCHING ALMOST ¼ OF CORPORATE
VC DEALS IN MOBILE
56
Mobile deals in North America involving corporate VCs took at least 53% of mobile CVC deals
across the 5 quarters. Asia took at least 1/5 of deals in the 5 quarter-trend and ended Q2’16
on a high note taking roughly 1/4 of all mobile deals.
Global CVC Deal Share By Continent: Mobile & Telecom
Q2’15 – Q2’16
59%
65%
53%
61% 60%
21%
21%
31%
22% 24%
17%
15% 16% 16% 16%
3%
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
North America Asia Europe Other

57. CVC EARLY-STAGE MOBILE DEAL SHARE
DOMINATES OVER 5 QUARTERS
57
Early-stage deals consistently accounted for roughly 60% of CVC deals in the mobile sector.
In Q2’16, mid-stage (Series B + Series C) deals took 30% of CVC participation with deals like
Cabify (Series C, $120M) and Meta (Series B, $50M) drawing CVC involvement.
Global CVC Deal Share By Series: Mobile & Telecom
Q2’15 – Q2’16
32%
39% 35% 34% 37%
27%
33%
35% 35% 29%
24%
13% 21% 23%
15%
6% 5%
6% 4%
15%
1% 2%
2% 2% 2%
3%
5%
1%6% 3% 2% 2% 2%
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
Seed / Angel Series A Series B Series C Series D Series E+ Other

58. 58
Global Corporate
VC Sector Recap:
HEALTHCARE

59. HEALTHCARE DEAL ACTIVITY SLIGHTLY
DOWN IN H1’16
59
Corporate VC involvement in the healthcare sector totaled 91 deals adding up to $2.6B in
H1’16, a 2% decrease in deal activity over the same period in 2015.
Global Quarterly CVC Financing History: Healthcare
Q1’13 – Q2’16
$423
$682
$565
$696
$437
$956
$565
$896
$1.1B
$1.3B
$1.9B
$1.1B
$1.4B
$1.2B
33
43
29
38
43
51
31
45
56
37
65
37
53
38
Investment ($M) Deals

60. 30% OF HEALTHCARE DEALS HAPPENING IN
EUROPE AND ASIA
60
Healthcare deals primarily took place in North America with the continent notching at least
68% of all deals in the last 5 quarters. CVCs have increased their deal activity in Asia-based
healthcare startups over the past 5 quarters going from 5% in Q2’15 to 18% in Q2’16.
Global CVC Deal Share By Continent: Healthcare
Q2’15 – Q2’16
84%
72% 68% 68% 68%
5%
5% 11% 15% 18%
11%
23% 22% 15%
13%
2%
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
North America Asia Europe Other

61. CVCs ARE BETTING ON HEALTHCARE
DEALS AT THE EARLY-STAGE
61
In Q2’16, early-stage deals accounted for 37% of CVC deals in the healthcare sector, up from
29% in Q2’15. Series C healthcare deals are trending downwards going from 17% in Q3’15 to
11% in Q2’16.
Global CVC Deal Share By Series: Healthcare
Q2’15 – Q2’16
5% 6% 3% 5%
24%
29%
27%
43% 32%
32%
31%
30%
30% 34%
16%
17%
14%
13%
11%11% 6%
5%
8%
8% 8%
8%
5%
3% 3%
14%
6% 3%
Q2'15 Q3'15 Q4'15 Q1'16 Q2'16
Seed / Angel Series A Series B Series C Series D Series E+ Other

62. APPENDIX: 100 Most Active Corporate Venture
Capital Firms Of The First Half Of 2016 (Global)
1-25 26-50 51-75 76-100
Google Ventures In-Q-Tel Robert Bosch Venture Capital Kaiser Permanente Ventures
Intel Capital Tengelmann Ventures Corigin Ventures UMC Capital
Comcast Ventures Orange Digital Ventures Merck Global Health Innovation Fund Leta Capital
Salesforce Ventures Lilly Asia Ventures BlueCross BlueShield Venture Partners Aster Capital
Cisco Investments American Express Ventures Nissay Capital Baxalta Ventures
GE Ventures Nokia Growth Partners YJ Capital XL Innovate
Qualcomm Ventures Hewlett-Packard Ventures Bertelsmann India Investments Monsanto Growth Ventures
Pfizer Venture Investments Legend Capital Unilever Ventures Ascension Ventures
Bloomberg Beta WuXi Venture Fund SAIC Capital Astellas Venture Management
CyberAgent Ventures AbbVie Biotech Ventures Chevron Technology Ventures Broadway Video Ventures
F-Prime Capital Bertelsmann Digital Media Investments Morgan Stanley Expansion Capital Yamaha Motor Ventures
Samsung Ventures SingTel Innov8 Autodesk Forge Fund Health Insight Capital
Ping An Ventures Saison Ventures Recruit Strategic Partners LDV Capital
Johnson & Johnson Innovation 301 INC DG Incubation Simon Venture Group
Roche Venture Fund Caixa Capital Total Energy Ventures International DvH Ventures
Verizon Ventures Wipro Ventures Gibraltar Ventures Twitter Ventures
SR One Capital One Growth Ventures WPP Digital Liberty Global Ventures
Citi Ventures Google Capital Globalive Capital Xiaomi Ventures
Brand Capital Springboard Santander InnoVentures Motorola Solutions Venture Capital MassMutual Ventures
Rakuten Ventures Hearst Ventures Aviva Ventures Amgen Ventures
NTT DoCoMo Ventures SMBC Venture Capital Reaktor Ventures Maxim Ventures
Microsoft Ventures American Family Ventures IBM Watson Group Shea Ventures
Novartis Venture Funds WME Ventures Renren Lianhe Holdings McKesson Ventures
Telstra Ventures Boehringer Ingelheim Venture Fund Innovacom SPH Media Fund
AXA Strategic Ventures Time Warner Investments CAA Ventures MediaTek Ventures
100 Most Active CVCs Of H1'16

63. Where is all this data from?
The CB Insights platform has the details on all the 2016
corporate venture deals included in this report.
Some of our happy customers
Click here to sign up
for free

64. 64
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